Chart of the day: OIL.WTI (08.07.2021)

Oil prices remain under strong selling pressure in recent days, which is caused by the lack of the OPEC + agreement, as well as information about a possible increase in production by the UAE. Elevated volatility may persist later in the session, as data on US crude oil inventories will be released at 3:30 BST.

From a technical point of view, buyers were unable to break above the $ 77 level and price pullback sharply. However, declines stopped near the support zone at $ 71.50 which is marked with the lower limit of the 1:1 structure and the 38.2% Fibonacci retracement of the last upward wave which started on May 21. As long as the price sits above this level, one should expect the price to continue to rise. However, should a break lower occur, then downward move may accelerate.

OIL.WTI, interval H4. Source: xStation5

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Oil declines under the weight of inventories

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